Note 7 - East Tennessee Materials and Energy Corporation ("M&EC")
|6 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|Asset Retirement Obligation Disclosure [Text Block]||
The Company continues its plan to close its M&EC facility by the end of the M&EC’s lease term of
January 21, 2018.Operations at the M&EC facility are continuing during the remaining term of the lease and the facility continues to transition waste shipments and operational capabilities to our other Treatment Segment facilities, subject to customer requirements and regulatory approvals.
Simultaneously, the Company continues with the required clean-up/maintenance procedures at M&EC’s Oak Ridge, Tennessee facility in accordance with M&EC’s Resource Conservation and Recovery Act (“RCRA”) permit requirements.
June 30, 2017,total accrued closure liabilities for our M&EC subsidiary totaled approximately
$2,745,000which are recorded as current liabilities. At
December 31, 2016,M&EC had long-term closure liabilities of approximately
$881,000which were reclassified to current at
March 31, 2017.The following reflects changes to the closure liabilities for the M&EC subsidiary from year end
Revenues for the M&EC subsidiary were
June 30, 2017,respectively, and
$2,755,000for the corresponding periods of
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://www.xbrl.org/2003/role/presentationRef